Futures Movers: Oil prices end higher as U.S. crude supplies fall a second week [MarketWatch]
CME Group Inc. - Class A (CME)
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Source: MarketWatch
Oil prices end higher as U.S. crude supplies fall a second week Oil futures ended higher Wednesday, with U.S. prices staging a last minute, modest turnaround as a U.S. government report revealed a second straight weekly decline in U.S. crude supplies. An increase in domestic crude output and a hefty weekly rise for gasoline stockpiles had pushed prices lower for much of the trading session. The Energy Information Administration on Wednesday reported a bigger-than-expected fall in crude inventories, but that decline also came “amid an upward adjustment to the domestic production number—now to the mighty heights of 11.9 million barrels per day,” said Matt Smith, director of commodity research at ClipperData. The report also showed “emphatic builds to the products—particularly with gasoline, lifting inventories some 6 percent above the five-year average,” Smith said. West Texas Intermediate crude for February delivery CLG9, +0.56% rose 20 cents, or 0.4%, to settle at $52.31 a barrel o
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